Statoil Strikes Gas in North Sea

Statoil of Norway has together with the Valemon Unit partners made a gas and oil discovery in the Valemon Nord prospect in the North Sea.

The discovery wells 34/10-54 S and 34/10-54 A, drilled by the drilling rig Transocean Leader, are located approximately 10 kilometres north of the planned Valemon installation.

The main wellbore 34/10-54 S proved a gross 164-metre gas/condensate and oil column in the Middle Jurassic Brent Group. The side-track 34/10-54 A proved a gross 100-metre gas/condensate column in the Brent Group and in sand of unspecified Jurassic age, and an additional gross 140-metre gas/condensate column in the Statfjord Group. Gas/condensate was also found in the middle Jurassic Cook Formation.

Statoil estimates the total volumes in Valemon North to be in the range of 20-75 million barrels of recoverable oil equivalent (o.e.).

Exploration wells 34/10-54 S and 34/10-54 A are situated in the Valemon Unit area in the North Sea. Statoil is operator with an interest of 53.775%. The partners are Petoro AS (30%), Centrica Resources (Norge) AS (13%) and A/S Norske Shell (3.225%).

Press Release, April 11, 2014